How to Find Extra Money to Pay Off Debt

Do you have too much debt? Need ways to find extra money to help pay it down? Today we look at some options.

So you come to the realization that you need to pay down your debt, and are looking for some available options within your current means. Reviewing your spending for the past few months will help you with spotting the areas that you are overspending in.

While on a day to day basis, buying a coffee, or going to a fast-food restaurant may not seem that bad, but when adding up the totals for the month, or even year, you can get a better idea of the approximate amount you are spending, and this can help you to spot the areas you may need to cut down on or cut out entirely.

The Licensed Insolvency Trustees at David Sklar & Associates will work with you to review your finances and help you establish positive spending habits, and establish a feasible budget. We provide credit counselling sessions alongside our bankruptcy and consumer proposal services to provide our clients with a long-term debt relief solution.

The reality is that buying a coffee and muffin per day going to work, averaged at $5 per day, is $25/week and over $100/monthly. A fast-food restaurant at $10 per day, averages $50/week and over $200/monthly. If you and your spouse go out to a restaurant twice per month, average each meal $50, then for each month that would be an extra $100, and $1200 per year.

Consider the ways you can find extra money to pay off your debt and other living expenses:

Look at Decreasing your Expenses

Looking to cut out fast food and restaurants is a good first start. Start preparing meals for the week for your workday lunch. When using coupons, only purchase items that you would normally buy. Try switching to store-brand items.

Make coffee to go before you go to work and drink the coffee at work. A cup of coffee per day from your favourite coffee place adds up very quickly over the month, and these small changes can go towards paying down your debt even further.

Housing Costs

If you are renting, look to getting a home or apartment at a lower price. If you have an extra room in your home, see about getting a roommate. If you own your own home, see if you can refinance your mortgage for a lower interest rate. Granted, housing costs may be a little harder to lower at this immediate time, but they are still viable options to consider. Just by getting another roommate, that full amount can go towards further paying down your debt, and over the course of a year, this really adds up! To help with heating costs, see about installing a programmable thermostat, and seeing up a daily/weekly schedule so you are heating your home more wisely and saving on your heating bill.

Satellite and Cable Costs (Entertain for Less)

Reviewing your monthly cable or satellite costs should be next on the lists. This cost alone can be quite pricy per month. Do you have all the channels, HD and premium channels? Look at reducing these, try going to basic, or even entirely cut it off. In 2012 according to the CTRC, the average Canadian family paid $185 per month for their cable bill, which for one year adds up to $2220.00.

While convenient, avoid the urge to rent on demand, as each movie rental quickly adds to your monthly bill. One extra ondemand movie at $5 each week adds up to $260/per year. Getting movies from your friends or from your local library is a good alternative option. Cutting your cable bill and going with an online service such as Netflix could be a good alternative. If you have an internet connection, many of the big stations have all their top shows available online for viewing. There are many online music streaming available for Canada as well.

Options for Increasing your Income

If your job allows for overtime, see about putting in additional overtime hours for extra money each paycheck. See about getting a second job, or if you have a talent/hobby that can work as a second job this as well would be helpful.

Unwanted Household Items

Do you have a closet or basement of cluttered items you are not using? You can look to seeing items at a garage/yard sale, or try selling on Ebay or Kijiji. Selling the clutter and saving the sales from each of these for additional payments on your debt.

As you can see, once you start to take note of all your weekly/monthly expenses, look at the variable expenses that can be cut, and start there. Reviewing the expenses of both yours and your significant other will help with taking better control of your money, and will help you with finding some extra money each month to pay down your debts faster.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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15:17 09 Sep 21
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